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American Economic Review: Vol. 92 No. 3 (June 2002)

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An Experimental Test of an Optimal Growth Model

Article Citation

Lei, Vivian, and Charles N. Noussair. 2002. "An Experimental Test of an Optimal Growth Model ." American Economic Review, 92(3): 549-570.

DOI: 10.1257/00028280260136246

Abstract

This paper describes the design and behavior of an experimental economy with the structure of the Ramsey-Cass-Koopmans model of optimal growth. The experiment includes three different implementations of the model: a decentralized implementation with multiple agents and a market for capital, a treatment where individual subjects are placed in the role of social planners, and a treatment where the social planner consists of five agents making a joint decision. The findings highlight the role of market institutions in facilitating convergence to the optimal steady state. (JEL C91, C92, O40)

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Authors

Lei, Vivian (Department of Economics, University of Wisconsin, Milwaukee, WI 53201)
Noussair, Charles N. (Krannert School of Management, Purdue University, West Lafayette, IN 47907)


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